Retaining Talent In A Competitive Economy

This week’s Fierce resource was originally published by Forbes and discusses different tactics with regards to retaining top talent in a competitive marketplace.

Old-school retention tactics such as competitive salary, stock options, and cash bonuses are not necessarily key motivators for keeping top performers at your firm from moving on. Companies need to start looking ahead instead of behind, and to do so, it is important to understand the changing demographics of your firm's staff. Employees nowadays seek recognition and collaboration just as much as a competitive salary with stock options. An employee’s progression towards an annual bonus should be publicized and encouraged, not measured in a board room behind closed doors.

So what will you do to retain your best performers?

“There are ways to motivate other than creating a dog-eat-dog macho workplace environment. Collaboration rather than competition; praise rather than punishment.”